ITR Filing Last Date: Have you not been able to correct the mistakes or omissions in Income Tax Returns by 31st December 2022? If so, then there is no need to be disappointed. You are going to get one more chance.
You can use the option of ITR-U. In this news, we are going to tell you about this. According to section 139 (1) of the Income Tax Act, the last date for filing ITR in the year 2021-22 was 31 July 2022. For those who could not file ITR till this date, the last date was 31 December. If there was any mistake or correction in the returns, that too could be done by this date. But if you have missed the deadline of December 31, then you can file ITR-U under section 139 (8A).
What is ITR-U?
In Budget 2022, the Government of India had brought the option of ITR-U. This facility is beneficial for those taxpayers who have not been able to file their ITR or have made mistakes in previous returns. Through ITR-U, taxpayers can correct mistakes or omissions in their ITR for two years from the end of the relevant assessment year. In the assessment year 2021-22, you can file ITR-U by 31 March 2024. Similarly, for 2022-23, you can file ITR-U till 31 March 2025.
In ITR-U, you can show that income, which you could not show in your previous return. Moreover, this facility is available to anyone, whether or not he has filed original, late or revised ITR. If someone has forgotten to file ITR in any financial year, he can also use it.
Last Dates for Filing ITR-U
Assessment Year 2020-21: 31 March 2023
Assessment Year 2021-22 : 31 March 2024
Assessment Year 2022-23: 31 March 2025
Penalty for not filing ITR-U
You will also have to pay the penalty for not filing ITR-U. If you have forgotten to show any income, then you will have to pay an additional 25 percent of the tax and interest payable on it. This should be done within one year from the end of that financial year. If you are filing ITR-U after one year of the relevant assessment year and within two years, the penalty will go up to 50 percent.
Where to file ITR-U?
For this you have to go to the website of Income Tax Department.
Where you cannot use ITR-U?
Taxpayers cannot use ITR-U for filing zero return/loss return. It cannot be used to claim or extend refunds. Also, ITR-U is not allowed to be used to set off income tax liability from returns filed earlier.
